DENSO Corporation and Toyota Tsusho Corporation (Toyota Tsusho) today announced that TD Mobile Corporation (TD Mobile), which is a joint venture of DENSO and Toyota Tsusho has concluded a company split agreement with a newly established subsidiary (the new subsidiary) of ranet Co.,Ltd. (ranet) in relation to its cell phone sales and agency business (excluding some sales stores). TD Mobile will transfer the above business to the new subsidiary as a result of the company split.
TD mobile was established in April 2009 through the separation and integration of the mobile phone sales business, which had been operated by subsidiaries of DENSO and Toyota Tsusho. Since its establishment, TD mobile operated carrier stores and provided mobile phone solutions to corporate users by leveraging the strengths of the two companies. However, DENSO and Toyota Tsusho have decided that it is more appropriate to pursue further growth in this business under the equity of other companies that already have a business base.
ranet, which is the parent company of the new subsidiary, is engaged in the mobile phone sales business as a member of the BicCamera Group, which is a major electronics and home appliances store. It operates 116 carrier stores (as of June 30, 2023, including subsidiaries) across Japan and sells mobile communication products at over 200 electronics stores of the group. TD mobile aims to expand the carrier store business and the business for corporate users under the BicCamera Group while leveraging mutual synergies, including the network of stores and the sales foundation.
DENSO and Toyota Tsusho will rapidly reinforce their focus fields and domains and contribute to the further development of the mobility-centered society while continuing to transform the business portfolio and improve profitability.
For more information, visit www.denso.com/global/en/news/newsroom/2023/20230710-g01/.
Topic: Press release summary